Shares of C3.ai (NYSE: AI) closed up 11.7% on Thursday, rebounding from last week's post-earnings drop. There was no company-specific news that might have otherwise spurred the artificial intelligence (AI) software specialist's rally today.
Rather, even as broader stock market indexes remain roughly flat -- with the S 500 and Nasdaq Composite indexes each up around 0.2% today -- opportunistic investors appear to be scooping up beaten-down growth stocks like C3.ai after U.S. Federal Reserve officials signaled multiple interest-rate reductions are on the way in 2024.
Yesterday afternoon, the broader market rallied after the central bank's officials opted to leave their benchmark interest rate flat at a targeted range of between 5.25% and 5.5%. It was the third straight meeting during which rates were left unchanged.
Source Fool.com